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Nov 22, 2012
11/12
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CNBC
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but state and local governments are also dealing with massive deficits. each state has a slightly different story, but across the country, there is a common theme. in many state houses, expenditures are outpacing income, and public pension obligations are drastically underfunded. as we reported in december 2010, some believe a day of reckoning is at hand for many states that could require another big bailout package. >> the most alarming thing about the state issue is the level of complacency. >> meredith whitney is one of the most respected financial analysts on wall street. she made her reputation by warning that the big banks were in big trouble long before the 2008 collapse. now she's warning about a financial meltdown in state and local governments. >> it has tentacles as wide as anything i've seen. i think, next to housing, this is the single most important issue in the united states and certainly the largest threat to the u.s. economy. >> why aren't people paying attention? >> 'cause they don't pay attention until they have to. >> whitney says it's
but state and local governments are also dealing with massive deficits. each state has a slightly different story, but across the country, there is a common theme. in many state houses, expenditures are outpacing income, and public pension obligations are drastically underfunded. as we reported in december 2010, some believe a day of reckoning is at hand for many states that could require another big bailout package. >> the most alarming thing about the state issue is the level of...
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Nov 28, 2012
11/12
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KGO
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. >> probably going to be as large as the deficit by next week. seems like everyone is buying tickets unless sadly you live in one of those states -- tsk, tsk -- those eight states that don't take part in powerball. >> you should move. >> it is un-american. >> these are some of the many called powerball refugees. many live in california. doesn't allow you to buy powerball. they have crossed the state line into arizona to buy tickets. powerball not played in california, nevada, utah, wyoming, mississippi, and alabama. >> imagine, california, huge state. imagine if they can get in the mix, the jackpot would be incredible. ooh. all that powerball jack pot, the topic of our facebook question yesterday. >> we wanted to know what would you do with all that prize money? vanessa said, buy a home where my family lives, donate to alzheimers research, help those who've helped me, help some homeless people, donate to a veterans home, feed hungry children. why don't you try solving world peace, too, vanessa. that is very altruistic of you. kudos. >> joseph, i'
. >> probably going to be as large as the deficit by next week. seems like everyone is buying tickets unless sadly you live in one of those states -- tsk, tsk -- those eight states that don't take part in powerball. >> you should move. >> it is un-american. >> these are some of the many called powerball refugees. many live in california. doesn't allow you to buy powerball. they have crossed the state line into arizona to buy tickets. powerball not played in california,...
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Nov 26, 2012
11/12
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FOXNEWSW
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does it all go to the deficit, or to the debt? >> no. megyn: because we, a lot of americans think, all right, i want to help my fellow citizens and i don't like this national debt but you know who i don't want to help? i don't want to have jeff neely to have another trip to the hot tub and drink his red wine. >> forgotten about him. megyn: the feds shown propensity for misspending the people's money. >> well, think about this. we're talking about, we have a government that runs a trillion dollar deficit every year. that borrows more than three cents of every dollar it spends. here we're talking about a deal that would be 1.6 trillion over 10 years. talking about $160 billion a year. it is just, just littlest scratch in the surface when you talk about long-term debt and different sits. this is being made out to be a big deal but this money will get you can ised pretty fast. megyn: look at the fight we have over just that. can you imagine the fight we would have if we really tried to tackle the $16 trillion debt? chris, great to see you. >
does it all go to the deficit, or to the debt? >> no. megyn: because we, a lot of americans think, all right, i want to help my fellow citizens and i don't like this national debt but you know who i don't want to help? i don't want to have jeff neely to have another trip to the hot tub and drink his red wine. >> forgotten about him. megyn: the feds shown propensity for misspending the people's money. >> well, think about this. we're talking about, we have a government that...
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Nov 27, 2012
11/12
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FOXNEWSW
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he wanted to cut the deficit by $500 billion. the republicans went to him with clash 490 billion -- $490 billion in spending cuts. the democrats said we can match your 500 billion, but you have to raise taxes. and george h.w. bush raised taxes, the two came in, never got the spending cuts at all, and they hung that around his neck in 1992, and it cost him the election. megyn: how did it happen that your dad agreed to the tax hikes but didn't get the spending cuts? >> yeah. well, how that works out is the fact that the tax hikes went into place first, and the spending cuts just never showed up. at all. remember, the united states early on controlled by republicans and bob dole, the house of representatives by the democrats. democrats had to put those things toward, so they made the promise, and they didn't follow through with the promise as with h.w. bush in 1990. so as i warned the other day in a tweet, if republicans do not getting the spending cuts before the revenue, they may end up on the ash heap of history. megyn: there was
he wanted to cut the deficit by $500 billion. the republicans went to him with clash 490 billion -- $490 billion in spending cuts. the democrats said we can match your 500 billion, but you have to raise taxes. and george h.w. bush raised taxes, the two came in, never got the spending cuts at all, and they hung that around his neck in 1992, and it cost him the election. megyn: how did it happen that your dad agreed to the tax hikes but didn't get the spending cuts? >> yeah. well, how that...
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Nov 28, 2012
11/12
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but we heard no mention of congress dealing with our soaring debtor deficit spending, or where spending cuts of any type might come or how we are going to address the larger issue: we all know that tax hikes on the rich ain't going to get it down. progressive groups reportedly held a private meeting with senior obama administration white house officials. according to the "washington post" the groups were told not to worry about any entitlement reforms or big budget cuts. the so-called safety net programs according to them are not going to be touched and the progressive groups walked away feeling very happy. the report say the white house feels it does not need to compromise, period and is willing to let the big tax hike happen on everybody. the big tax hike is what everybody will face not just the rich or the middle class. they think they'll be in a better position to negotiate with the g.o.p. after that happens. chris stirewalt joins me, host of power play on foxnews.com. >> i was a little frightened, i thought something i, really bad was happening instead of the standard badness. megy
but we heard no mention of congress dealing with our soaring debtor deficit spending, or where spending cuts of any type might come or how we are going to address the larger issue: we all know that tax hikes on the rich ain't going to get it down. progressive groups reportedly held a private meeting with senior obama administration white house officials. according to the "washington post" the groups were told not to worry about any entitlement reforms or big budget cuts. the so-called...
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Nov 29, 2012
11/12
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we want to raise -- deficit. we want to raise taxes, cut defense -- we're willing to do all four of those things. megyn: marc, how does taking money out of medicare and giving it to obamacare cut spending? [laughter] >> it doesn't. >> that's not what i said, megyn. that's not what i said. >> it doesn't cut spending. they cut money out of medicare and put it to fund obamacare, but president obama has not put forward a plan to deal with the entitlement crisis. he put forward no plan on social security, medicare or medicaid, which he himself admits is what is driving the debt and driving the real fiscal crisis. so they have put forward no plans whatsoever, and when paul ryan and others have put forward our plans, they've pilied them for it. i'm glad president obama's meeting with simon. i'd love for him to meet with john john boehner. [laughter] megyn: simon's got a lot of good ideas. were you in that meeting with the unions and the progressive groups that the president had -- >> no. i was in a different meeting. th
we want to raise -- deficit. we want to raise taxes, cut defense -- we're willing to do all four of those things. megyn: marc, how does taking money out of medicare and giving it to obamacare cut spending? [laughter] >> it doesn't. >> that's not what i said, megyn. that's not what i said. >> it doesn't cut spending. they cut money out of medicare and put it to fund obamacare, but president obama has not put forward a plan to deal with the entitlement crisis. he put forward no...
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Nov 24, 2012
11/12
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. >> gregg: trei, two-thirds of those, and want tax hikes and spending cuts to reduce the deficit. and one fourth want spending cuts only. 68%. there are the numbers on your screen. doesn't that number, 68%, mean that it's politically perilous for your party, republicans, to oppose raising taxes on the top 2 or 3%? >> well, no, they -- it's got to be part of the equation and i think that speaker boehner made that clear, but gregg, let me first start by saying i happen to care very much about the 43% inpoll, but it doesn't erase -- it doesn't erase the fact that a majority of them do not pay taxes and it also doesn't erase the fact that most people support tax increases on other people as opposed to themselves, but i think the american people are a little tired of polls. the election is over, talking points should be over, and it requires compromise to solve problems in this town, something that's been lacking for years. by both sides of the aisle. and so, the issues you're talking about in terms of the specifics, whether it's the tax rates or these deductions, it just cannot be acr
. >> gregg: trei, two-thirds of those, and want tax hikes and spending cuts to reduce the deficit. and one fourth want spending cuts only. 68%. there are the numbers on your screen. doesn't that number, 68%, mean that it's politically perilous for your party, republicans, to oppose raising taxes on the top 2 or 3%? >> well, no, they -- it's got to be part of the equation and i think that speaker boehner made that clear, but gregg, let me first start by saying i happen to care very...
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Nov 24, 2012
11/12
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of the americans believe they need more taxes and lowest tax necessary 80 years and we have a high deficit. they can afford to pay more. >> the fact is, many republicans are saying okay. we want to talk about taxes. let's also take a look at entitlements and speppeding cuts and so far, the white house hasn't put forward anything on paper that they are willing to discuss. >> that is one of the hardcore issues here. there is an idea coming from the democrats we are going to raise taxs and off set it by raising taxings. we have a staggering economy and unemployment and we'll hit 50 million americans on food stamps and no end for that number to constantly grow even as unemployment rates went down. we are adding to people on food stamps which doesn't make sense. how do youriform these things? and at the same time not just say we'll raise taxs and continue to spend money we don't have. look at the white house. they are borrowing 47 cents of every dollar spent in the budget this year. it is it not going to work and they will have to give and we'll go after the rich and take their mon yeby the way
of the americans believe they need more taxes and lowest tax necessary 80 years and we have a high deficit. they can afford to pay more. >> the fact is, many republicans are saying okay. we want to talk about taxes. let's also take a look at entitlements and speppeding cuts and so far, the white house hasn't put forward anything on paper that they are willing to discuss. >> that is one of the hardcore issues here. there is an idea coming from the democrats we are going to raise taxs...
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Nov 25, 2012
11/12
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., trust is our biggest deficit. we need to react on the facts and then that's what should be done. >> eric: ford tseems to some, miss rice has a lack of trust, though she said she relied solely on the intelligence. she said she made it clear that what she was sayinged about the muslim video was preliminary. >> again, blaming the intel is a copout. i think she needs to get the count opportunity to explain herself. she needs to take accountability of her actions. it cements to be clear, nobody knows for sure, she allowed herself to be a pawn for the administration. if you are going to be the nation's top diplomat, have you to show some independence. yes, have you to have loyalty to the administration. but your responsibility's to the american people. i agree here, the bottom line, we have four dead americans and no answers. we need to get to the bottom of this in a bipartisan way. >> eric: when you use the word "pawn," you say you are part of the administration, you are saying that the administration's lying come and
., trust is our biggest deficit. we need to react on the facts and then that's what should be done. >> eric: ford tseems to some, miss rice has a lack of trust, though she said she relied solely on the intelligence. she said she made it clear that what she was sayinged about the muslim video was preliminary. >> again, blaming the intel is a copout. i think she needs to get the count opportunity to explain herself. she needs to take accountability of her actions. it cements to be...
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Nov 25, 2012
11/12
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social security, set aside, doesn't add to the deficit. when it comes to medicare and medicaid, protect the integrity of the program, but give it solvency for more and more years. >> reporter: a source with engine of knowledge -- with knowledge of the negotiation says there is no date set in stone for the next meeting among the principle negotiate othe timing will depend on the progress of staff member, in the next few days. but we should not be surprised if they get together, sthiem week. shannon. >> shannon: we wish them much luck. thank you. our worst-case scenario, there isn't a deal. the former economics director it'll peter tracy, tells what did you say to expect if that happens and what will happen if it doesn't. let's talk positive, first. who do you think, if something comes together, will be the key players. >> we need to see president obama move off the position of entitlements and propose real reductions, tangible, real, so there is something to balance with the rather substantial tax proposals. >> shannon: who do you think in
social security, set aside, doesn't add to the deficit. when it comes to medicare and medicaid, protect the integrity of the program, but give it solvency for more and more years. >> reporter: a source with engine of knowledge -- with knowledge of the negotiation says there is no date set in stone for the next meeting among the principle negotiate othe timing will depend on the progress of staff member, in the next few days. but we should not be surprised if they get together, sthiem...
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Nov 22, 2012
11/12
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they prioritize job creation over deficit reduction. now, the reality is the two don't have to be mutually exclusive, and i think that's what we're seeing from senator schumer when he's talking about perhaps extending the payroll tax holiday which is something that would effect 160 million americans in the middle class. look, when you talk about the last stimulus package, moody's concluded in 2010 that every dollar that was spent out of that package contributed $1.44 back to the economy. that's not a failure, that's a success. >> it is a failure when we -- >> we don't have a weak economy. we need to continue to focus on the weak economy, and aggressive deficit reduction is not going to help. ainsley: brad, what was your response? >> look, this is another payoff to the unions just like in 2009 for supporting the president. the president does not have a mandate from the american people, far from it. he got nine million less votes than he got the last time. if anything, this is a huge do over for all parties. [laughter] now, while the amer
they prioritize job creation over deficit reduction. now, the reality is the two don't have to be mutually exclusive, and i think that's what we're seeing from senator schumer when he's talking about perhaps extending the payroll tax holiday which is something that would effect 160 million americans in the middle class. look, when you talk about the last stimulus package, moody's concluded in 2010 that every dollar that was spent out of that package contributed $1.44 back to the economy. that's...
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Nov 23, 2012
11/12
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democrat-controlled senate is going to vote for full repeal, but the post says, quote, there are a lot of ways that deficit reduction cuts could reduce spending on obama kay. so -- obamacare. so is that where this is headed, what they describe as small tweaks acceptable to both sides? they wouldn't dismantle the law, but they would decrease it? >> i think there's a real chance that democrats will agree to scale back some of the subsidies to insurance on the exchanges. they're going to have to face a real tough choice; do you want to scale back spending on programs that people have been on for decades like social security and medicare, or do you want to scale back the projected spending on a program no one's gotten a check from yet? i think we'll see republicans and democrats agree to reduce the spending in the affordable care act, and there's real opportunity to. people who are going to be making $70,000, more than the median family income in the united states, are eligible for subsidies under the law. it's just too generous to be afforded. patti ann: there's an article in "forbes," very interesting, that
democrat-controlled senate is going to vote for full repeal, but the post says, quote, there are a lot of ways that deficit reduction cuts could reduce spending on obama kay. so -- obamacare. so is that where this is headed, what they describe as small tweaks acceptable to both sides? they wouldn't dismantle the law, but they would decrease it? >> i think there's a real chance that democrats will agree to scale back some of the subsidies to insurance on the exchanges. they're going to...
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Nov 26, 2012
11/12
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. >> let's make sure that revenue is an integral part of deficit reduction. yes, from my side of the table bring entitlement reform into the conversation. social security, set aside. doesn't add to the deficit but when it comes to medicare and medicaid, protect the integrity of the program but give it solvency for more and more years. martha: alabama republican jeff sessions is the ranking member on the senate budget committee. senator sessions good morning. good to have you here today. >> martha, thank you. martha: a lot of talk this morning after these sunday shows and watching both sides talk about this fiscal cliff about who seems to be moving and in what direction. what are you hearing, what are you hearing from lindsey graham who says, quote he is willing to break that pledge on taxes under certain circumstances? what are they really saying? >> i'm not sure what they're saying. there's a lot of this talk going on. i don't know who is speaking for the republican party. the house of representatives where you have a substantial republican majority but the
. >> let's make sure that revenue is an integral part of deficit reduction. yes, from my side of the table bring entitlement reform into the conversation. social security, set aside. doesn't add to the deficit but when it comes to medicare and medicaid, protect the integrity of the program but give it solvency for more and more years. martha: alabama republican jeff sessions is the ranking member on the senate budget committee. senator sessions good morning. good to have you here today....
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Nov 27, 2012
11/12
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we don't know how much we address the deficit problem by closing loopholes. impasse. martha: we'll see where that goes. stuart, thanks very much. we'll talk to chris van hollen moments away. bob,er is also here today. we'll get to some of that with them. thanks, stuart. bill: some context from how far the revenue ending bush tax cuts would go. during the 2012 fiscal year it costs $9.7 billion a day to run the federal government. the additional revenue stopping bush tax cuts would bring in $82.4 billion. a number that would run the government for 8 1/2 days. senator corker says there is plan on the table for two years. martha: that grand bargain that was so close. we'll see where that is in terms of both sides. bill:. we're just getting started on this tuesday morning. how about this story? oh, my gosh, a toddler seconds away from almost certain death in this video as a car comes barreling around that bend. we'll show you what the rest of what happens here and we'll tell you what ended up happening. bill: there is new violence on the streets of key roy. in fact we're g
we don't know how much we address the deficit problem by closing loopholes. impasse. martha: we'll see where that goes. stuart, thanks very much. we'll talk to chris van hollen moments away. bob,er is also here today. we'll get to some of that with them. thanks, stuart. bill: some context from how far the revenue ending bush tax cuts would go. during the 2012 fiscal year it costs $9.7 billion a day to run the federal government. the additional revenue stopping bush tax cuts would bring in $82.4...
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Nov 28, 2012
11/12
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martha: reid says any agreement must have the wealthy to pay a little bit more to reduce the deficit. bill: what happens if they don't see a deal? 90% of americans will see a tax hike in 2013. and families that make between $40,000 and $65,000 will have to pay an extra $2,000 to washington, d.c. in taxes. martha: concerns over america's fiscal cliff have sent the markets lower in premarket trading. there is a look at where the dow is poised to open this morning. with the dow, the s & p and the nasdaq all trading lower. speaking of that, a new round of violent protests break out in egypt as police fired teargas into the crowds. here are some of those scenes. >> unbelievable. more than 100,000 people flooded into downtown cairo. this time they are protesting the current president martha maccallum and his power grab. they are disillusioned with what he has brought to their country. then you have this happening. police firing teargas. gypt's highest courts refusing to work in protest of morsi's actions. steve harrigan is streaming live from cairo. the protests looked like the unrest we sa
martha: reid says any agreement must have the wealthy to pay a little bit more to reduce the deficit. bill: what happens if they don't see a deal? 90% of americans will see a tax hike in 2013. and families that make between $40,000 and $65,000 will have to pay an extra $2,000 to washington, d.c. in taxes. martha: concerns over america's fiscal cliff have sent the markets lower in premarket trading. there is a look at where the dow is poised to open this morning. with the dow, the s & p and...
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Nov 29, 2012
11/12
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when that happens it makes debt and deficits a lot smaller by comparison because you get more government revenue. you're right, it is absolutely a core principle of republicans we don't want taxes to go up to get more government. if we have tax reform effort that will lower the tax base, get more revenue and fuel economic growth that is something republicans will embrace. there could be revenue generated by closure of loopholes and deductions. we can't accomplish anything by raising tax that is good good for the economy and we're very concerned about the economy. martha: it will be interesting to see what timothy geithner brings to these discussions today. we'll be reporting on it and you will be there on the hill. thank you very much. >> we'll look forward to it. thanks, martha. martha: all right. bill: there is a controversial vote set to take place today at the united nations and the u.s. is expected to vote against it. eric shawn's live at the u.n. eric, good morning to you, what is the vote about first of all and what's expected to happen? >> reporter: good morning, bill. the vote o
when that happens it makes debt and deficits a lot smaller by comparison because you get more government revenue. you're right, it is absolutely a core principle of republicans we don't want taxes to go up to get more government. if we have tax reform effort that will lower the tax base, get more revenue and fuel economic growth that is something republicans will embrace. there could be revenue generated by closure of loopholes and deductions. we can't accomplish anything by raising tax that is...
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Nov 27, 2012
11/12
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CNNW
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let's make sure that revenue is an integral part of deficit deduction. and from my side of the table. bring entitlement reform into the conversation. >> so far, senator durbin has limited company among some fellow democrats. keeping them honest during the last budget showdown, both sides talked like this, but then they backed away. also as we mentioned a moment ago, there are late new signs that nobody's quite ready to cut a deal. another round of white house talks between congressional leaders and president obama was promised but is yet to materialize. a senate democratic leadership aid telling us that staff level meetings meant to lay the groundwork haven't been productive. one senate republican leadership aid accuses democrats of leaking details in order to portray republicans negatively. the talks are continuing, which itself can be read as some sort of progress. whether that's real progress or washington progress, remains to be seen. a lot to talk about starting with tennessee republican senator bob corker. thanks very much for joining us. let's tal
let's make sure that revenue is an integral part of deficit deduction. and from my side of the table. bring entitlement reform into the conversation. >> so far, senator durbin has limited company among some fellow democrats. keeping them honest during the last budget showdown, both sides talked like this, but then they backed away. also as we mentioned a moment ago, there are late new signs that nobody's quite ready to cut a deal. another round of white house talks between congressional...
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Nov 28, 2012
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that's about 40% of the $4 trillion deficit goal that we have. that's the same thing that simpson-bowles had, 40% revenue. so the only way you can reach that, incidentally, is to allow the rates to go up. just this idea of we're going to take a look at the tax code, change some credits and deductions, you can't come up with enough money. >> so any deal will have to include at least some hike in the tax rate. >> i don't think there's any other way to approach it. that's why the president has taken this position. if we're going to make sure, for example, that we spare families making $250,000 a year or less from any income tax increase, then this idea that we're going to go into the tax code and find $1.6 trillion over ten years becomes almost impossible. we need to protect those middle income families. >> you said today that congress should deal with the fiscal cliff crisis now, but tackle entitlements, the entitlement questions, later. yesterday, senator lamar alexander said the only thing the president has to do to get an agreement from republic
that's about 40% of the $4 trillion deficit goal that we have. that's the same thing that simpson-bowles had, 40% revenue. so the only way you can reach that, incidentally, is to allow the rates to go up. just this idea of we're going to take a look at the tax code, change some credits and deductions, you can't come up with enough money. >> so any deal will have to include at least some hike in the tax rate. >> i don't think there's any other way to approach it. that's why the...
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Nov 28, 2012
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budget deficit was $200 billion. now it's a trillion. how can you say nothing has changed? he acknowledged things have changed, but he's trying to stick to his principles so when i talked to him about his relevance and whether he was like frosty the snowman and feeding away from us before our eyes with each sound bite like the ones we've been seeing on your show, he said i'm for lower taxes that gives me job security. people will always think their taxes are too high. but we saw today, andrea, is a real operator. you've covered him for years. he has a $7 million operation. a full-time staff. they spend a lot of money in campaigns. he wants to stay a player. and he wants these members to listen to him and to do that, he has to have this opening. so what he's saying is congruent with our reporting which is that there's more going on behind the scenes than there is in the camera and i can clearly see a way for there to be a deal by as the president said today, by christmas, andrea as you know, december 23rd what they think of as the real deadline up there and i see signs that
budget deficit was $200 billion. now it's a trillion. how can you say nothing has changed? he acknowledged things have changed, but he's trying to stick to his principles so when i talked to him about his relevance and whether he was like frosty the snowman and feeding away from us before our eyes with each sound bite like the ones we've been seeing on your show, he said i'm for lower taxes that gives me job security. people will always think their taxes are too high. but we saw today, andrea,...
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Nov 28, 2012
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the deficit reduction talks weighed on wall street. the dow lost 9 points while the nasdaq gave up 9 points. brick-and-mortar sales reported increased sales to kick off the holiday shopping season. home prices in most major american cities are on the rise. a survey showed prices rose 3% in september. the bangladesh garment factory where 112 people were killed produced clothes for disney and walmart and sears. the ap discovered clothing and records connected to the retailers inside the remains of the factory. walmart says it stopped doing business with the factory after learning the facility was deemed high risk. this morning three factory officials were arrested on suspicion they locked the workers inside the building. the surge in cyber monday shopping on monday means big business for shippers. federal express expects to deliver 280 million packages during the holiday season. to handle the extra work fedex says they hired 20,000 seasonal employees. and pop star adele is rolling in the dough or at least her record company is. her album
the deficit reduction talks weighed on wall street. the dow lost 9 points while the nasdaq gave up 9 points. brick-and-mortar sales reported increased sales to kick off the holiday shopping season. home prices in most major american cities are on the rise. a survey showed prices rose 3% in september. the bangladesh garment factory where 112 people were killed produced clothes for disney and walmart and sears. the ap discovered clothing and records connected to the retailers inside the remains...
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Nov 26, 2012
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. >> reporter: but raising taxes is only one-half of a deficit deal. republicans want democrats to raise the eligibility age for medicare. >> i want entitlement reforms. republicans put revenue on the table, democrats always promise to cut spending. i'm looking for more revenue for entitlement reform before the end of the year. >> reporter: so far democrats sound lex flexible. >> we've got to make sure there is seamless coverage of afordable health coverage for every american. my concern about raising the retirement age gaps in coverage or coverage that's way too expensive for seniors to purchase. >> reporter: there are many potential cliffs but higher taxes for structural changes for medicaid and medicare may be abong the biggest. bob corker argued for both warning everyone against punting this until next year or accepting phony savings that don't solve or at least address the underlying deficit and structural debt problems. charlie and norah? >> let me add my voice, congratulations you on this day enharnting one of the big jobs in journalism. they're
. >> reporter: but raising taxes is only one-half of a deficit deal. republicans want democrats to raise the eligibility age for medicare. >> i want entitlement reforms. republicans put revenue on the table, democrats always promise to cut spending. i'm looking for more revenue for entitlement reform before the end of the year. >> reporter: so far democrats sound lex flexible. >> we've got to make sure there is seamless coverage of afordable health coverage for every...
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Nov 27, 2012
11/12
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there's no question i believe the severity of our deficits and the future problems ahead of us are going to have to be addressed bay combination of revenue increase -- >> the question is larry, are they listening and are they prepared to make compromises that they were not prepared before? >> i think so. >> why do you think so? >> i think maybe it's the openness of the dialogue. in august of 2011 when we had this problem, you did not hear any ceo speak up. you did not hear a public discord about this. i actually believe the militancy of the ceos today is a very different phenomenon. maybe the timing is different. maybe the atmosphere is different. everybody is speaking out. one ceo may have a different opinion than another one. but the fact is an open dialogue, and an open dialogue is a democratic process. >> do you think the president should appoint a businessman or maybe even a republican person who supported romney and the secretary of treasury to send a message? >> i think we're going to live in a very volat >>> and this morn >>> and this morning there's one more reason to look at th
there's no question i believe the severity of our deficits and the future problems ahead of us are going to have to be addressed bay combination of revenue increase -- >> the question is larry, are they listening and are they prepared to make compromises that they were not prepared before? >> i think so. >> why do you think so? >> i think maybe it's the openness of the dialogue. in august of 2011 when we had this problem, you did not hear any ceo speak up. you did not...
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Nov 23, 2012
11/12
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he wrote in an opinion piece this week that the president's health care reform must be included in deficit negotiations. >>> before you tell your kids a story of christmas, listen up. the pope is out with a new book, and it debunks a lot of details about jesus' birth. more on that later on this hour. >> here on the help desk we're talking about paying down debt and saving for the future. with me this hour are greg olson and carmen. greg, this question is for you. suzanne told us the more she spends on paying off her debt, the less she has to save. >> how do we balance between saving for the future and paying down some credit card debt? >> you know, those bills come in, and you see that debt, and your eyes just pop out of your head. >> it's an easy question, but i'm very glad she asked it because it's something that most people get wrong. unless you have an introductory rate or you're paying a sfwler 0% introductory rate and have the ability to transfer that in the future, low credit card debt rates are considered 12% right now. show me where you can get an investment that's going to net on
he wrote in an opinion piece this week that the president's health care reform must be included in deficit negotiations. >>> before you tell your kids a story of christmas, listen up. the pope is out with a new book, and it debunks a lot of details about jesus' birth. more on that later on this hour. >> here on the help desk we're talking about paying down debt and saving for the future. with me this hour are greg olson and carmen. greg, this question is for you. suzanne told us...
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Nov 26, 2012
11/12
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the whole tea party movement began as a principled protest against deficits and debt. people saying it was generational theft. the problem is if you start elevating the anti-tax pledge, that anti-tax absolutism, ahead of making a deal on deficit and debt, you're not going to get anywhere. only way you pay it down is if you agree we have to raise revenues. you can make an argument that the tea party movement should get behind a grand bargain, a deficit and debt deal, if they're serious about what they see and what they said was an existential threat to our country. we need to disenthrall ourselves from the extreme voices who choked off reasonable debate in washington. >> don't fear the grover. best quote of the day. john avalon, always a pressure. thank you for coming on. >>> looming fiscal cliff you're hearing so much about is one reason republicans are having a change of heart on this whole no tax pledge. the term fiscal cliff evokes scary imagery, but it is not so much a cliff as it is a set of stairs with the spending cuts and tax hikes getting more painful with eac
the whole tea party movement began as a principled protest against deficits and debt. people saying it was generational theft. the problem is if you start elevating the anti-tax pledge, that anti-tax absolutism, ahead of making a deal on deficit and debt, you're not going to get anywhere. only way you pay it down is if you agree we have to raise revenues. you can make an argument that the tea party movement should get behind a grand bargain, a deficit and debt deal, if they're serious about...
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Nov 26, 2012
11/12
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let's have a responsible solution that tackles taxes, that tackles entitlements, that tackles the deficit. let's have a comprehensive approach here that is a serious approach, no more kicking the can down the road. let's do it for real this time. >> fewer contortions usually better. i think we can all agree on that. anna navarro, great to see you any time of day. >>> all right, guys, here's the score card for the no tax pledge. 238 house members and 41 senators have signed the pledge. of those, only three are actually democrats and two of those three democrats will be out of office in january. i love the holidays. and with my bankamericard cash rewards credit card, i love 'em even more. i earn 1% cash back everywhere, every time. 2% on groceries. 3% on gas. automatically. no hoops to jump through. that's 1% back on... [ toy robot sounds ] 2% on pumpkin pie. and apple. 3% back on 4 trips to the airport. it's as easy as... -[ man ] 1... -[ woman ] 2... [ woman ] 3. [ male announcer ] the bankamericard cash rewards card. apply online or at a bank of america near you. >>> so the heated debate
let's have a responsible solution that tackles taxes, that tackles entitlements, that tackles the deficit. let's have a comprehensive approach here that is a serious approach, no more kicking the can down the road. let's do it for real this time. >> fewer contortions usually better. i think we can all agree on that. anna navarro, great to see you any time of day. >>> all right, guys, here's the score card for the no tax pledge. 238 house members and 41 senators have signed the...
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Nov 27, 2012
11/12
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the president has on the table a proposal that reduces the deficit by $4 trillion, that does so in a balanced way, that includes substantial cuts to discretionary, nondefense spending over a trillion dollars, that includes revenue and includes $340 billion in savings from our health care entitlement programs. >> joining me now from new york, rick newman, chief business correspondent for u.s. news and world report. we like to call him our go to explainer in chief. rick, good to see you. >> hi, brooke. >> hate to beat a dead horse here, but you've been writing about republicans beginning to abandon their no tax pledge. we're talking about this teeny tiny handful of republicans here. do you think this is the beginning of a wave? >> we need something like 100 republicans or more for something like this to get through the house. but when you start to see some prominent republicans who have leadership positions such as lindsey graham and bob corker in the senate and peter king in the house, they haven't said overall now we changed our tune, we're in favor of raising taxes, what they said i
the president has on the table a proposal that reduces the deficit by $4 trillion, that does so in a balanced way, that includes substantial cuts to discretionary, nondefense spending over a trillion dollars, that includes revenue and includes $340 billion in savings from our health care entitlement programs. >> joining me now from new york, rick newman, chief business correspondent for u.s. news and world report. we like to call him our go to explainer in chief. rick, good to see you....
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Nov 27, 2012
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have been more outspoken than others when it comes to what needs to get done to get a handle on the deficit. it also has a lot of people saying wait a minute. some of these decisions could really impact -- and not a good way -- have a huge impact on the poor and elderly. for ceo lloyd blankfein, he did an interview over the weekend with cbs and made the case that the social safety net programs need to be scaled back like medicare, medicaid and social security. he says people need to lower their expectations of those sboi entitlements. easy for him to say. he made about $12 million last year. i digress. he did con socede that eventual the way to raise revenue will be for the wealthy to pay a higher tax rate. david coney is talking about addressing the entitlement issue but wants a corporate tax rate of zero. no doubt that would create huge outrage. he says that's the most effective way to create jobs in the u.s. and frees up so much money for companies to hire. many would probably agree that's important, too. you can see both sides of the story there, carol. one more extreme than the other,
have been more outspoken than others when it comes to what needs to get done to get a handle on the deficit. it also has a lot of people saying wait a minute. some of these decisions could really impact -- and not a good way -- have a huge impact on the poor and elderly. for ceo lloyd blankfein, he did an interview over the weekend with cbs and made the case that the social safety net programs need to be scaled back like medicare, medicaid and social security. he says people need to lower their...
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Nov 28, 2012
11/12
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we can't afford to run 1.2 to $1.5 trillion deficits every year. and we can't afford to bring obama care on to the books, because we know it has already doubled in its predicted cost. it was -- >> congresswoman, forgive me for cutting you off. but final question, yes or no, you think you'll be on the hill come christmas talking about this? >> oh, no, no. i think what you're going to do is see us find a way to move the bulk of this, to get past the fiscal cliff to address that, and then to have a good discussion. i'm pleased to welcome the president, the democrats to the discussion. this is something some of us have been trying to get done for many years. and i'm delighted to see that they're finally putting their attention on it. we have to get the fiscal house in order. >> thank you so much. live for me on the hill today, appreciate it. >>> today, business titans. tomorrow, the business guy trying to take his job. that's right, president obama and mitt romney will be meeting at the white house for lunch in the private dining room, no, no. no camer
we can't afford to run 1.2 to $1.5 trillion deficits every year. and we can't afford to bring obama care on to the books, because we know it has already doubled in its predicted cost. it was -- >> congresswoman, forgive me for cutting you off. but final question, yes or no, you think you'll be on the hill come christmas talking about this? >> oh, no, no. i think what you're going to do is see us find a way to move the bulk of this, to get past the fiscal cliff to address that, and...
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Nov 28, 2012
11/12
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plouffe indicated that medicare and medicaid are the main drivers of our deficit. and i know we have seen this morning also several editorial writers indicate the same, that it is important that we put these drivers of the deficit on the table and include them as part of any agreement to avoid the fiscal cliff. as the speaker said, we have done our part. we have put revenues on the table, something that we didn't do two years ago during the debt ceiling negotiations. we still believe that it is most important for us to address the economic situation in this country where so many people are out of work. and that's why we take the position and believe strongly that increasing marginal rates is income tax rates is not the way to produce growth and to put people back to work. but we have not seen any good faith effort on the part of this administration to talk about the real problem that we're trying to fix. i'm told that mr. bolz, some of us will meet with him later today, has said earlier this morning that there's been no serious discussion by the white house on enti
plouffe indicated that medicare and medicaid are the main drivers of our deficit. and i know we have seen this morning also several editorial writers indicate the same, that it is important that we put these drivers of the deficit on the table and include them as part of any agreement to avoid the fiscal cliff. as the speaker said, we have done our part. we have put revenues on the table, something that we didn't do two years ago during the debt ceiling negotiations. we still believe that it is...
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Nov 28, 2012
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a lot of the other issues surrounding deficit deduction are going to be a whole lot easier. and if we get this wrong, the economy is going to go south. it's going to be much more difficult for us to balance our budgets and deal with our deficits because if the economy's not strong, that means more money's going out and things like unemployment insurance and less money is coming in in terms of tax receipts and it just actually makes our deficit worse. so we really need to get this right. i can only do it with the help of the american people. so tweet -- what was that again? my2k or e-mail, post it on a member of congress' facebook wall. do what it takes to communicate a sense of urgency. we don't have a lot of time. we have a few weeks to get this done. we could get it done tomorrow. now, optimistically i don't think we're going to get it done tomorrow. but i tell you, if everybody here goes out of their way to make their voices heard and spread the word to your friends and family and co-workers and neighbs, i am confident that we will get it done and we will put america on t
a lot of the other issues surrounding deficit deduction are going to be a whole lot easier. and if we get this wrong, the economy is going to go south. it's going to be much more difficult for us to balance our budgets and deal with our deficits because if the economy's not strong, that means more money's going out and things like unemployment insurance and less money is coming in in terms of tax receipts and it just actually makes our deficit worse. so we really need to get this right. i can...
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Nov 29, 2012
11/12
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as issues like the fiscal cliff, unemployment and the deficit loom. but while there will be several openings in the obama cabinet for the second term, white house press secretary jay carney says romney is unlikely to fill them. >> is governor romney here tomorrow in some kind of cabinet-level position? some kind of audition for that position? >> no. >> reporter: and some think president obama could be aiming a little higher than a cabinet post. >> and after three weeks of dealing with the benghazi scandal, and the fiscal cliff, obama is prepared to offer romney a position in the administration, president of the united states. [ laughter ] he's like, i made a mistake. it's all yours. why, thank you. >> reporter: all jokes aside, this meeting of the political minds could be beneficial for both men. for the president, it is a chance to show he's put a tough campaign behind him. and is taking a bipartisan approach to his second term. and for romney, it's an opportunity to rehabilitate his image, which took a hit shortly after the ballots were counted, tha
as issues like the fiscal cliff, unemployment and the deficit loom. but while there will be several openings in the obama cabinet for the second term, white house press secretary jay carney says romney is unlikely to fill them. >> is governor romney here tomorrow in some kind of cabinet-level position? some kind of audition for that position? >> no. >> reporter: and some think president obama could be aiming a little higher than a cabinet post. >> and after three weeks...
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Nov 21, 2012
11/12
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deficits and the u.s. in japan and an undervalued currency in china. think it's time to recommit with confidence to the three elements of a successful global economy, free trade, flexible exchange rates and a free flow of capital across borders based on open investment policy. i will give credit to the obama administration. they have been very good on investment. president obama was the first democrat in 30 years to put out an open invest a statement? why? because foreign direct investment creates jobs that are disproportionately export-oriented, disproportionately manufacturing oriented, and are 50 percent more likely to be unionized. this is capital we should be fighting for. we need to approach trade in the second among the term with that same degree of confidence going to the point that michael made. i think the world is ready to engage. the german chancellor proposed a trans-atlantic free trade agreement. at degrees to pick up on that the bill fourth. the trans-pacific partnership negotiated out in asia. the chinese followed closely. let's just pr
deficits and the u.s. in japan and an undervalued currency in china. think it's time to recommit with confidence to the three elements of a successful global economy, free trade, flexible exchange rates and a free flow of capital across borders based on open investment policy. i will give credit to the obama administration. they have been very good on investment. president obama was the first democrat in 30 years to put out an open invest a statement? why? because foreign direct investment...
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Nov 21, 2012
11/12
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however, the cbo projects that under a possible such a policy assumptions the deficit could still be greater than 4% of gdp in 2018, assuming the economy has returned to its potential by then. moreover, under the protection, the deficit and the ratio of federal debt to gdp would subsequently returned to an upward trend. we should all understand that long-term projections of ever increasing deficits will never accept underpass because the willingness of lenders to continue to fund the government can only be sustained by a responsible fiscal plans and actions. a credible framework to set a better fiscal policy, one in which the ratio of federal debt to gdp eventually stabilizes or declines, is urgently needed to maintain stability. even as policy-makers address the urgent issue of longer run out stability, they should not ignore a second key objective, to avoid unnecessarily adding to the head winds that are already holding back the economic recovery. fortunately, these objectives are compatible and mutually reinforcing. preventing a sudden and severe contraction in fiscal policy early
however, the cbo projects that under a possible such a policy assumptions the deficit could still be greater than 4% of gdp in 2018, assuming the economy has returned to its potential by then. moreover, under the protection, the deficit and the ratio of federal debt to gdp would subsequently returned to an upward trend. we should all understand that long-term projections of ever increasing deficits will never accept underpass because the willingness of lenders to continue to fund the government...
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Nov 21, 2012
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congress handed us $487 billion to reduce the deficit -- the defense budgets over 10 years. my approach was to say, wait a minute. we are not just going to cut across the board. we are not just going to hollow out the force as we have done in the past. every time we have come out of the war, whether it was korea, vietnam, the cold war, we cut the budget across the board, and we hollowed out the force. we are not going to repeat that mistake, so for that reason, i said to my service chiefs, chairman of the joint chiefs, we have got to sit down and develop a strategy for the future that will provide the defense force for the 21st century, not just now but in the future, and then we will build our budget around that strategy, so one, we know we are going to be smaller. that is the reality of having at of these wars, but we have to be agile. we have to be flexible, and we have to be on the cutting edge of technology. we are going to have to have force projection in the areas with the biggest problems in the pacific and the middle east. we have to have a presence elsewhere in the
congress handed us $487 billion to reduce the deficit -- the defense budgets over 10 years. my approach was to say, wait a minute. we are not just going to cut across the board. we are not just going to hollow out the force as we have done in the past. every time we have come out of the war, whether it was korea, vietnam, the cold war, we cut the budget across the board, and we hollowed out the force. we are not going to repeat that mistake, so for that reason, i said to my service chiefs,...
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Nov 28, 2012
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social security has not added one penny to the deficit. for those who say there is good reason to push it off the table and wait, i would add a note of caution. small changes made today in social security will play out over the long run to buy us solvency for a long time. we should take perhaps all the security off the table but be very honest but we will achieve in the near term. i think we should create the equivalent of eight simpson- bowles region of a simpson- bowles, and come up with a plan to buy 75 years of salt with the rigid of solvency. i might add a wrinkle here. every 10 years, a similar commission ought to be created. let's not get into this mess where we have six months to go with social security. you know how important it is for people. people are devastated by the recession and their pension plans lost. it is important to us, our kids come and grandchildren. i think we should create a commission that will report back to congress before a vote by the end of the next calendar year. i want to talk about the two toughest eleme
social security has not added one penny to the deficit. for those who say there is good reason to push it off the table and wait, i would add a note of caution. small changes made today in social security will play out over the long run to buy us solvency for a long time. we should take perhaps all the security off the table but be very honest but we will achieve in the near term. i think we should create the equivalent of eight simpson- bowles region of a simpson- bowles, and come up with a...
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Nov 22, 2012
11/12
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most impressive things is i don't really think the american people really care that much about the deficit. they certainly didn't vote as if they did. when it comes to these entitlement programs, no matter what your party is and whether you agree with paul ryan or not, he did put bold initiatives to try to bring these costs down and people rejected it. i thk we took a step back in the last election in terms of fixing the programs. >> having said that, a lot of people say i paid into social security and i deserve that. i don't see how medicaid can hold out. i think that's going to collapse a lot sooner than any economist we be forecast. >> there's a good reason why i agree with you. that may be the fastest entitlement program. here is the reason why. not because it's bankrupting washington, because they have been for 15 years. the reason is because it's bankrupting the state. states pay about 40% of the cost and every governor that i talk to, they say that we can't afford this anymore. it is becoming the top of our budget. i agree with you. that could be the program that we fix first. charl
most impressive things is i don't really think the american people really care that much about the deficit. they certainly didn't vote as if they did. when it comes to these entitlement programs, no matter what your party is and whether you agree with paul ryan or not, he did put bold initiatives to try to bring these costs down and people rejected it. i thk we took a step back in the last election in terms of fixing the programs. >> having said that, a lot of people say i paid into...
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Nov 25, 2012
11/12
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that's where the deficits are coming from. that's what should be talked about more than taxing people who are working their rear ends off t do better for hemselves. >> i've got to tell you i don't like when warren buffett is brought into a discussion about people making $250,000. >> two different worlds. >> he's a very good business man. >> an amazing businessman, he doesn't care about xes. >> he's not the only businessman saying it. >> it's not just the fiscal cliff coming on january 1st, more of the president's health more of the president's health care law is starting to kick [ malannouncer ] it'that time of year again. time for cii price rewind. because your daughter really wants that pink castle thing. and you really don't want to pay more than you have to. only citi price rewind automatically searches for the lowest price. and it finds one, you get refunded the difference. just use your citi card and register your purchase online. have a super sparkly day! ok. [ male announcer ] now all you need is a magic carriage. citi
that's where the deficits are coming from. that's what should be talked about more than taxing people who are working their rear ends off t do better for hemselves. >> i've got to tell you i don't like when warren buffett is brought into a discussion about people making $250,000. >> two different worlds. >> he's a very good business man. >> an amazing businessman, he doesn't care about xes. >> he's not the only businessman saying it. >> it's not just the...
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Nov 26, 2012
11/12
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raising taxes doesn't lower the deficit at all when you add it up. we need to cut spending. the senate democrats are not helping. >> the fiscal cliff started before the new congress comes in, spending is something the new congress ought on take care of. that's what we elected them to do. let's talk about the fiscal cliff, solve this problem, move on to the next one, solve this problem involves higher taxes for some americans. >> but you know perfectly well, rick, the only rev lleverage yoe right now in order to cut spending is the tax issue. if you separate them, you raise taxes. when do you think spending cuts are ever going to come? you really believe they'll do it? >> i absolutely believe. i've been fortunate enough to spend time with the administration. i believe this administration spends there are spending problems and they want to address them. i believe they're willing to sit down and put everything on the table. i think we have to stop this mrilg gamesmanship -- >> they said they're taking social security off the table. they just said that. >> as far as the fiscal c
raising taxes doesn't lower the deficit at all when you add it up. we need to cut spending. the senate democrats are not helping. >> the fiscal cliff started before the new congress comes in, spending is something the new congress ought on take care of. that's what we elected them to do. let's talk about the fiscal cliff, solve this problem, move on to the next one, solve this problem involves higher taxes for some americans. >> but you know perfectly well, rick, the only rev...
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Nov 27, 2012
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interest rates are going down because they can't get a hands l on the deficit because stocks are going down. that's the reality we're dealing with. consumer confidence this morning, listen, i'm worried about the fiscal cliff. i have my button on. anybody who tries to put words in the general public's mouth about the fiscal cliff, these confidence numbers dispel that notion that they're worried. they probably don't even really know the details. >> david kudlow, you are taking something of a risk-on strategy. you're going with the high-growth, high-dividend plays in this market, aren't you? >> yeah, we are. it's a strategy that's worked quite well p the uncertainty we've had over the fiscal cliff. with the positive economic data coming in, high-growth areas have done well for us. hi areas have helped diversify and steady the portfolio. >> you're not worried about impact that the fiscal cliff could have on the tax treatment of dividends out there? you get all these companies imposing early dividends, special dividends to try and slip it in before the end of the year. yet, you're still buy
interest rates are going down because they can't get a hands l on the deficit because stocks are going down. that's the reality we're dealing with. consumer confidence this morning, listen, i'm worried about the fiscal cliff. i have my button on. anybody who tries to put words in the general public's mouth about the fiscal cliff, these confidence numbers dispel that notion that they're worried. they probably don't even really know the details. >> david kudlow, you are taking something of...
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Nov 29, 2012
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social security is not a part of our deficit problem. so the only other two entitlements we got is how to detake care of the poor, and if we don't take care of the poor, it means additional expenses. >> would you be in favor of means testing medicare and social security? in other words, taking those wealthy americans who don't need those benefits and take them off those roles as a savings? >> there's no question that removing the cap for higher people that are in the higher income is one of the sources of income that i could support. no question about that. >> let me ask you this, congress pan. would you prefer top just deal with the revenue and forget about cutting at all at this point because of the slow economy? is that where you're headed here? >> no, no, no. >> so you do want to cut then? you do want to cut spending? >> we're going to have to do it. first of all, we have to find out what our target is going to be. if the target is going to be a mixture of cutting and a mixture of raising revenue, then we have to say we're not going
social security is not a part of our deficit problem. so the only other two entitlements we got is how to detake care of the poor, and if we don't take care of the poor, it means additional expenses. >> would you be in favor of means testing medicare and social security? in other words, taking those wealthy americans who don't need those benefits and take them off those roles as a savings? >> there's no question that removing the cap for higher people that are in the higher income...
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Nov 21, 2012
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there's a $1.1 billion deficit. if that keeps up -- >> trillion. you're talking trillion-dollar deficits every year. >> if that keeps up, the spending goes to $6 billion. what we take in goes to $4.6 billion. you have a $1.4 billion deficit you're going to deal with in ten years with $1 trillion debt. interest payments you have to make every year. when you're making interest payments of $1 trillion a year, everybody is going to stop investing. germany isn't going to buy our bonds anymore. >> maybe they want this. it seems like both sides are digging in. the president says he wants $ .6 trillion in revenue. that means higher taxes as well as taking the loopholes away. maybe he wants to go over the cliff to prove a point. >> going over the cliff to prove a point is like wrecking your car to show that you can't drive. i mean, it doesn't make any sense. what makes sense is to be thoughtful. a democrats and a republican two years ago, simpson/bowles, got together and put together some guidelines that nobody paid any attention to. it had to do with healt
there's a $1.1 billion deficit. if that keeps up -- >> trillion. you're talking trillion-dollar deficits every year. >> if that keeps up, the spending goes to $6 billion. what we take in goes to $4.6 billion. you have a $1.4 billion deficit you're going to deal with in ten years with $1 trillion debt. interest payments you have to make every year. when you're making interest payments of $1 trillion a year, everybody is going to stop investing. germany isn't going to buy our bonds...
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Nov 26, 2012
11/12
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. >> we should address the drivers of the deficit. social security is not currently a driver of the deficit. that's an economic pact. while the president supports engaging with congress on a separate tract to strengthen social security, for entitlements we need to look at medicare and medicaid. >> joining to us talk about that and more is alan krueger, chairman of the council of economic advisers. can you help us interpret what jay carney just said? a lot of republicans have gone into this debate and discussion saying, you want more in taxes but in the same time we have to have entitlement reform. is he taking that off the table, mr. krueger? >> the president has pursued a balanced approach all along. he's had entitlement reform on the table. if you look at budgets, there are tough decisions there relating to health care costs, which are driving our deficits. additional revenue from upper income earners. >> medicare is still on the table when it comes to discussions about the fiscal cliff but not social security? what exactly are we t
. >> we should address the drivers of the deficit. social security is not currently a driver of the deficit. that's an economic pact. while the president supports engaging with congress on a separate tract to strengthen social security, for entitlements we need to look at medicare and medicaid. >> joining to us talk about that and more is alan krueger, chairman of the council of economic advisers. can you help us interpret what jay carney just said? a lot of republicans have gone...
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Nov 26, 2012
11/12
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you have had success. >> we went from a 4.2 billion dollars deficit to two one time budgets with no tax increases. but we have pensions that are eating up a good portion of the budget that we're going to have to address. if all of a sudden this federal money that has been coming to the state and going down to the local communities is cut off, we're going to have to sit back and say what services can we provide and what services are going to disappear? but what concerns me more is the unemployment that it's going to create. i think the cbo has said that unemployment could go over 9%. liz: you're ahead of the national average higher actually. >> we created some tax incentives to bring the petrochemical industry, the plastics industry near that facility, that would create thousands of jobs more. we believe we could reindustrialize southwestern and western pennsylvania, if we're able to move this forward, but the economy as you know certainly can have an effect upon that, and if all of a sudden we don't have the money there, i have to be concerned that companies won't invest the way they we
you have had success. >> we went from a 4.2 billion dollars deficit to two one time budgets with no tax increases. but we have pensions that are eating up a good portion of the budget that we're going to have to address. if all of a sudden this federal money that has been coming to the state and going down to the local communities is cut off, we're going to have to sit back and say what services can we provide and what services are going to disappear? but what concerns me more is the...
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Nov 27, 2012
11/12
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that's exactly what deficit reduction is. we're paying a little bit while we're healthy to protect against the likelihood, the small or great likelihood, we might have a debt crisis later. but my feeling is that now, that the economy is weak, growing at 1.8% for the last 24 months, we're not creating that many jobs, unemployment is still around 8%, the economy is still wheezing faintly. and when you're wheezing faintly, you need the strong medicine that high deficits offer. >> there's a lot of talk of the fear of the u.s. falling into the same hardships as europe. specifically greece. i want to play what senator lindsey graham had said about this. >> when you're $16 trillion in debt, the only pledge we should be making to each other is to avoid becoming greece. >> okay. here's what you said in your article. deficit reduction takes economic activity out of the economy. if you want to see what austerity does to a weak private sector, just look at europe. which policies do you think would turn us into europe? how would that happ
that's exactly what deficit reduction is. we're paying a little bit while we're healthy to protect against the likelihood, the small or great likelihood, we might have a debt crisis later. but my feeling is that now, that the economy is weak, growing at 1.8% for the last 24 months, we're not creating that many jobs, unemployment is still around 8%, the economy is still wheezing faintly. and when you're wheezing faintly, you need the strong medicine that high deficits offer. >> there's a...
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Nov 29, 2012
11/12
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>> we had 18 debt an deficit commissions since ronald reagan became president in 1981. in more than half of those, medicaid, medicare an social security were supposed to be part of fixing the debt and deficit, it never happened. if they kick the can down the road again without fixing entitlements in the process, entitlements still won't get fixed. >> we asked you to comment on the news and then sometimes you make news. the news about you, it says you are considering running in a primary to challenge saxby chambliss. are you any closer to a season? tell me what you're thinking and who is encouraging you to do that. >> well, you know, i said all along, no i'm not going to do this. i've been dismissive. in the past couple days, a number more prominent names have been calling and saying shy do it. i feel i owe them more consideration. i'm not closer to thinking i will do it, but i'm thinking about it more. my wife is adamant if i do it, i will be buried in the backyard before i announce. i think saxby chambliss, it's time for him to be primaried. >> your wife will bury you
>> we had 18 debt an deficit commissions since ronald reagan became president in 1981. in more than half of those, medicaid, medicare an social security were supposed to be part of fixing the debt and deficit, it never happened. if they kick the can down the road again without fixing entitlements in the process, entitlements still won't get fixed. >> we asked you to comment on the news and then sometimes you make news. the news about you, it says you are considering running in a...
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Nov 22, 2012
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as a matter of deficit negotiations, i think boehner is not on strong footing. >> interesting. there are a lot of problems with obama care. i think obama would be the first person to acknowledge that. he didn't get a lot of things he wanted in there. but david frum, what is john boehner doing? what is he possibly trying to gain from this? >> okay, i'm going with your crazy luke a fox option. >> good. >> john baner is about to have to bring the more conservative part of his caucus, some very bad news. republicans don't have a wlost leverage. tax cuts expire whether without anybody doing anything. and republicans are going to end up yielding a lot more than they give -- than they get in the negotiations. and john boehner, as the chief negotiator is the man identified with that surrender. so he needs to put down a marker now that says to the right wheel of the caucus, hey, i'm with you. if it were up to me, 100%. i'm with you. and i am going to put it in writing. i'm completely in favor of doing all the things that would have happened if we won the election. however, we didn't win
as a matter of deficit negotiations, i think boehner is not on strong footing. >> interesting. there are a lot of problems with obama care. i think obama would be the first person to acknowledge that. he didn't get a lot of things he wanted in there. but david frum, what is john boehner doing? what is he possibly trying to gain from this? >> okay, i'm going with your crazy luke a fox option. >> good. >> john baner is about to have to bring the more conservative part of...